real-time news and commentary for investors
Wednesday, Aug 7
Retail storm clouds continue to gather
- The slash in profit guidance from American Eagle Outfitters (AEO -3.2%) earlier this week seems to have set off a ripple effect that is still spreading.
- Yesterday, it was mall-based retailers which took it on the chin and today Deutsche Bank is out with lowered comparable-store sales estimates for Dick's Sporting Goods (DKS -1.2%), Kohl's (KSS -1.2%), Target (TGT -0.4%), J.C. Penney (JCP -3.2%), and Staples (SPLS -1.4%).
- Boutique firm Cleveland Research - which has a solid history of calling out moves in Wal-Mart's (WMT -0.8%) sales trends - is reported to have turned negative on the retailing giant.
- The S&P Retail ETF (XRT) is off 1.7% after falling back yesterday too.